Benefits of Buying a Home vs Renting
Tuesday Feb 08th, 2022
Buying a home is a very big investment, so many people wonder if they should rent a house instead. Before you jump at a rental, it’s important to first learn about the benefits of buying a home vs renting because this will help you make an informed decision, and you will be able to invest in yourself.
Buying a home will provide you with more benefits than renting ever will, and the following are just some of the reasons why you should consider homeownership:
Buying a Home is a Much Better Long-term Investment
Renting means you have to pay a landlord every month, and in the end, you will have nothing to show for it. However, buying a home will allow you to become an owner, and your investment will be a method of saving because your monthly mortgage payments will result in ownership, so the home will be yours to keep or sell down the line. Renting will never give you any of your monthly payments back, and this is true regardless of whether you rent for one year or 30 years.
Interest Rates are at an All-time Low
Interest rates are historically low at the moment, so you can take advantage of this fact because now is a great time to purchase a home. These low rates will result in big savings in the long run, and if you do a comparison between rental rates and mortgage rates at the moment, you will likely find that the current monthly rental rates are actually higher than a mortgage.
The Cost of Rent may Continue to Increase
When you rent, you are not guaranteed the same rate year after year, and you will likely see an increase in the cost of rent, so you will be wasting more money every month. This money can be used towards a mortgage or a down payment, so it’s worth looking into the purchase of a property because the high cost of rent is often comparable to that of a monthly mortgage. You may even find that the rental fee is higher, and this can continue to increase year after year.
If you’re ready to own a home and are in the Winnipeg area, Martin Marques can help! We have access to different listings in the River Heights, Royalwood, Sage Creek, St. James, Charleswood and St. Vital areas and will show you all of the homes and townhouses for sale. If you want to work with a reputable and reliable realtor, contact us today!